Fight for Biosite continues as Beckman ups bid to challenge IMI (Inverness Medical Innovations) head to head:
This article was originally published in Clinica
Beckman Coulter this week opened the scene for an all-out bidding war after raising its bid for diagnostics developer Biosite to match the offer of its rival Inverness Medical Innovations (IMI). Beckman and Biosite had entered a merger agreement on March 24, in which the former would buy all outstanding Biosite stock in a cash tender offer for $85 per share. Days later IMI had come in with a higher offer of $90 per share, which Biosite said it will consider. As Beckman's cash tender offer was set to expire last week, there had been no indication from any of the players as to how the story would end. However, Fullerton, California-based Beckman has now upped its bid for Biosite to the same price with which IMI had hoped to entice the latter. As Clinica went to press, neither Biosite or IMI were available for comment.